What's next for Greece?

• The Greek parliament must immediately adopt laws to reform key parts of its economy - by Wednesday. The reforms include: streamlining the pension system and boosting tax revenue - especially from VAT
• A commitment to liberalise the labour market, privatise the electricity network and extend shop opening hours
• The eurozone agrees in principle to start negotiations on a loan package for Greece worth €82bn-86bn (£59bn-£62bn; $91bn-$96bn)
• The loan will come mainly from the European Stability Mechanism (ESM) - the eurozone bailout fund. But the International Monetary Fund will also be asked to make a contribution from March 2016

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Greek Prime Minister Alexis Tsipras is facing a tough battle to win support from coalition partners for the third bailout offered by eurozone leaders.
Four pieces of legislation must be passed by the end of Wednesday including pension and VAT reforms.
But Defence Minister Panos Kammenos, a junior coalition partner, has already said he will not support the measures.

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I just want to give the reader my impression of Greece's latest bail out. While China's stock market crash is the real game in town events in Greece will help to determine the geopolitical map of Europe. Below is the three ways I think the situation in Greece could play out.

 Before I get to why the agreement was reached the most important question must be asked. How will the Greek People react to the deal? Bear in mind that at the recent referendum the majority of Greek Voters were opposed to new austerity measures and economic reform.

 Nor did voters give the Greek government the nod to surrender the countries sovereignty to the EU and the IMF. The Greek government is handing over budgetary control to the IMF and the main players in the EU. If the Greeks honour this agreement the government they elect will serve as little more then over paid administrators.

 What occurs if the Greek government and people reject the current deal? In my view it really depends on the length of time the Greek government keeps up the pretence of maintaining there end of the bargain. They might cut and run , so to speak.

 By doing so the Greeks would use the latest bail out funds to recapitalise their banking system. Afterwards they would default on their debt and launch a new currency. They would exchange the bailout funds for their new currency. The exchange would ensure the Greek banking system has sufficient funds after they leave the EU train wreck.

 Secondly the Greek Parliament may vote to reject the new deal on the table. In this case the Greece would default and leave the EU like in the first scenario. The transition to a new currency would be made more difficult by the lack of funds in the Greek banking system.

 Before I go on any further one point is worth is making about the radicalisation of Greek politics. The centre ground in the Greek political scene has vanished under the quicksand of the country reliving the 1930's Great Depression. The Far left political party Syriza leads the government and the Far Right party Golden Dawn holds seats in the Greek Parliament.

 So if the Greek government goes ahead and tries to implement the bailout package what recourse is open to Greek voters? The only recourse open to them is either to overthrow the government or elect a Russian backed dictator. Greece would leave the EU and become a Russian client State.

 My forecast is either the first or second scenario will take place. Regardless of what happens Greece will drift under the Russian sphere of influence. The question is just to what degree Greece drifts eastwards? Don't be surprised if Greece signs a trade deal with Russia after they exits the EU.

 Lastly why are France and Germany so keen to hand out money to Greece when they are destine to leave the EU no matter what happens? Sheer desperation is the only reason that springs to mind. Greece looks set to trigger a wave of defaults in the EU. After Greek foregoes its debts and exists the EU so will Italy , Spain and Portugal. The EU could well burst apart at the seams.